Chevron Corporation · NYSE:CVX
Chevron — Q3 2026 Earnings Presentation
29 slides from Chevron's earnings presentation, Oct 30, 2026
Slide 1: Third quarter 2026 earnings call
Third quarter 2026 earnings call October 30, 2026 © 2026 Chevron Permian
Slide 2: Cautionary statement and additional information
Cautionary statement and additional information CAUTIONARY STATEMENTS RELEVANT TO FORWARD-LOOKING INFORMATION FOR THE PURPOSE OF “SAFE HARBOR” PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995 This presentation contains forward-looking images and statements relating to Chevron’s ope
Slide 3: Delivering today, building for the future
Delivering today, building for the future Operations Execution Optimization Upstream Exploration Venezuela U.S. production > 2 MMBOED for Offshore Angola New commercial 5th consecutive quarter discovery & fiscal terms Refining Renewable fuels Bakken Record U.S. Louisiana oilseed Midstream costs crud
Slide 4: Growing supply in Venezuela
Growing supply in Venezuela Self-funded production growth ~600 MBOD gross expected by 2031 > 15% CAGR Improved fiscal terms Globally competitive Immediately accretive1,2 Disciplined reinvestment < $20/BBL total costs ~37% CAGR ~55% IRR2 Long duration Oil growth into 2030s Short-cycle, factory mode 1
Slide 5: Capturing value through execution
Capturing value through execution Shale & tight innovation Upstream delivery Downstream leadership AI-enhanced reliability Efficient project ramps U.S. turnarounds First-quartile DJ Basin Eastern Mediterranean, Gulf of America First-quartile duration Advanced chemicals Sustained excellence Peer-lead
Slide 6: Capital efficient expansion
Capital efficient expansion Upstream production capacity Refining throughput 20 + 85 MBD Upstream capacity + 20 MBD Downstream throughput 10 Record production and throughput Gulf of America deepwater, Gulf Coast refineries 0 TCO Gulf of America Gulf Coast Re ning Third Generation Plant Anchor & Ball
Slide 7: Changing exploration outcomes
Changing exploration outcomes Acreage Inventory Execution Leading acreage capture High-grading queue Delivering early results 1 1 + 20MM new acres 30 net-new prospects 15 discoveries1 Faster AI-driven assessments AI-enabled opportunities AI-enhanced efficiencies ScoutAI in 10 new basins > 150 leads;
Slide 8: Financial highlights
Financial highlights 3Q26 Earnings / Earnings per diluted share $9.9 billion / $5.06 Adjusted earnings / EPS1 $10.4 billion / $5.28 Cash flow from operations / excl. working capital1 $16.0 billion / $16.6 billion Total capex / Organic capex $4.0 billion / $3.9 billion ROCE / Adjusted ROCE1,2 17.7% /
Slide 9: Chevron earnings 3Q26 vs. 2Q26
Chevron earnings 3Q26 vs. 2Q261 Upstream Downstream Other $ millions Special 2 items 2 FX Realizations Timing Timing (438) (94) Liftings Volume effects DD&A effects Margins (705) (265) 120 385 Other Chemicals Other Other (1,405) (55) 168 209 1,240 (1,715) 407 12,072 9,924 2Q26 3Q26 earnings earnings
Slide 10: Cash flow
Cash flow 2 Adjusted free cash flow Cash returned to shareholders $ billions $14.2 billion $6.0 billion Asset sales & equity affiliate CFFO loans Capex 2 excl. WC 1.7 Dividends (4.0) Share repurchases Debt (3.5) paydown Working (2.5) capital & other (3.5) (0.5) 16.6 2Q26 3Q26 1 1 cash balance cash b
Slide 11: Worldwide net oil & gas production
Worldwide net oil & gas production 3Q26 vs. 2Q26 MBOED EMED Guyana Australia Angola Base / 30 TCO other Record natural gas production 45 (65) 1st quarter > 9 BCFD (35) (25) (40) Strong operating performance across key assets Entitlement impacts & turnarounds Guyana & Angola LNG 2Q26 3Q26 $104/BBL $9
Slide 12: Strong performance, never satisfied
Strong performance, never satisfied Execution Advantages Financial discipline Base business excellence Proprietary technology Consistent financial priorities Project delivery AI acceleration Balance sheet strength Continuous improvement Proven partnerships Cost and capital discipline © 2026 Chevron
Slide 13: Questions & answers
questions answers © 2026 Chevron 13
Slide 14: Forward guidance: 4Q26 outlook
Appendix Forward guidance 4Q26 outlook UPSTREAM Turnarounds & downtime: (175) - (225) MBOED Turnarounds & downtime: $(400) - $(500)MM DOWNSTREAM (A/T earnings) Share repurchases: $2.5 - $3.0B Affiliate distributions: $3.0 - $3.5B CORPORATE Inorganic capex: $0.7 - $1.0B HESM divestiture charge1: $(3.
Slide 15: Chevron earnings: 3Q26 vs. 3Q25
Appendix Chevron earnings: 3Q26 vs. 3Q251 Upstream Downstream Other $ millions Timing Other Margins Volume Other effects Chemicals 316 (70) (590) 160 690 Realizations Liftings Timing DD&A effects Opex / (170) (250) other 3,655 9,924 (1,135) 403 Special 2 items FX 2 (59) (290) 3,725 3,539 3Q25 3Q26 e
Slide 16: U.S. upstream adjusted earnings: 3Q26 vs. 2Q26
Appendix U.S. upstream adjusted earnings: 3Q26 vs. 2Q261,2 $ millions Realizations Timing Other effects Liftings DD&A 80 197 (570) (105) 150 • Lower liquids realizations • Lower production • Timing effects: • 3Q26: $18 • Absence of 2Q26: $62 2Q26 3Q26 adjusted adjusted earnings earnings 1 Waterfall
Slide 17: International upstream adjusted earnings: 3Q26 vs. 2Q26
Appendix International upstream adjusted earnings: 3Q26 vs. 2Q261,2 $ millions Realizations Timing Liftings DD&A effects (135) (160) (30) • Lower liquids realizations Opex / • Higher LNG realizations other • Lower TCO, Guyana liftings (1,795) 210 • Higher Venezuela collections • Timing effects: • 3Q
Slide 18: U.S. downstream adjusted earnings: 3Q26 vs. 2Q26
Appendix U.S. downstream adjusted earnings: 3Q26 vs. 2Q261,2 $ millions Timing Volume effects Margins Chemicals Other 190 (160) (75) (11) • Higher refining margins and volumes 1,230 • Weaker chemicals margins • Timing effects: • 3Q26: $(187) • Absence of 2Q26: $27 2Q26 3Q26 adjusted adjusted earning
Slide 19: International downstream adjusted earnings: 3Q26 vs. 2Q26
Appendix International downstream adjusted earnings: 3Q26 vs. 2Q261,2 $ millions Timing Volume effects Margins 10 195 • Higher refining margins and volumes Other • Softer marketing margins (1,245) 199 • Timing effects: • 3Q26: $(358) • Absence of 2Q26: $(887) 2Q26 3Q26 adjusted adjusted earnings ear
Slide 20: Worldwide net oil & gas production 3Q26 vs. 3Q25
Worldwide net oil & gas production 3Q26 vs. 3Q25 MBOED Venezuela1 TCO Base / GOA other Middle Asset East sales 30 30 (65) (61) (25) (15) Record Gulf of America deepwater Venezuela equity accounting Strong performance from key assets 2 3Q25 3Q26 $69/BBL $97/BBL Brent Brent 1 Venezuela switched to equ
Slide 21: Reconciliation of non-GAAP measures
Appendix Reconciliation of non-GAAP measures The company cannot provide a reconciliation of forward-looking non-GAAP and other measures to the most comparable GAAP measure without unreasonable effort. Certain information needed to make a meaningful or reasonably accurate reconciliation cannot be pre
Slide 22: Reported earnings to adjusted earnings
Appendix: reconciliation of non-GAAP measures Reported earnings to adjusted earnings 1Q25 2Q25 3Q25 4Q25 FY25 1Q26 2Q26 3Q26 YTD 2026 Reported earnings ($ millions) Upstream 3,758 2,727 3,302 3,035 12,822 3,909 8,182 5,698 17,789 Downstream 325 737 1,137 823 3,022 (817) 4,868 4,931 8,982 All Other (
Slide 23: Reported segment earnings to adjusted segment earnings
Appendix: reconciliation of non-GAAP measures Reported segment earnings to adjusted segment earnings U.S. International Total U.S. International Total Upstream Upstream Upstream Downstream Downstream Downstream All Other Total 3Q25 Reported earnings ($ millions) 1,282 2,020 3,302 638 499 1,137 (900)
Slide 24: Cash flow from operations and free cash flow
Appendix: reconciliation of non-GAAP measures Cash flow from operations excluding working capital Free cash flow Adjusted free cash flow $ millions 3Q26 Net cash provided by operating activities 16,014 Less: Net decrease (increase) in operating working capital (538) Cash flow from operations excludi
Slide 25: Net debt to CFFO
Appendix: reconciliation of non-GAAP measures Net debt to CFFO $ millions 3Q26 Short-term debt 731 Long-term debt* 32,803 Total debt 33,534 Less: Cash and cash equivalents 12,804 Less: Time deposits - Less: Marketable securities - Total net debt 20,730 Net cash provided by operating activities (last
Slide 26: Adjusted ROCE
Appendix: reconciliation of non-GAAP measures Adjusted ROCE $ millions 3Q26 $ millions 3Q26 Total reported earnings 9,924 Adjusted earnings 10,361 Non-controlling interest 124 Non-controlling interest 124 Interest expense (A/T) 244 Interest expense (A/T) 244 ROCE earnings 10,292 Adjusted ROCE earnin
Slide 27: Slide notes
Appendix Slide notes © 2026 Chevron 27
Slide 28: Appendix: slide notes
Appendix: slide notes Slide 4: Growing supply in Venezuela Common units of measure • Self-funded production growth • BBL – Barrel of oil – JV figures. Prior to September 2026, under cost accounting method, production was excluded from • BCFD – Billion cubic feet per day Chevron’s reported results. •
Slide 29: Appendix: slide notes
Appendix: slide notes Non-GAAP measures Other definitions and acronyms • Adjusted earnings reflect reported earnings excluding special items and foreign currency effects. • ALNG – Angola LNG • Adjusted free cash flow is defined as free cash flow excluding working capital plus proceeds and deposits •